1. The Foreign Ministry hosted a forum titled “Northeast Asia: Prospects of Energy Cooperation” in the city of Daegu on October 15 as part of the ROK government’s Northeast Asia Peace and Cooperation Initiative designed to build trust among countries in the region through dialogue and cooperation starting with softer issues. The forum was attended by some 100 people.

* The forum took place as a side event of World Energy Congress (WEC) Daegu 2013 set for October 13-17, co-hosted by the Foreign Ministry, the UN Economic and Social Commission for Asia and the Pacific (UNESCAP) and the Organizing Committee of the 2013 WEC.

2. Second Vice Minister of Foreign Affairs Cho Tae-yul delivered opening remarks at the forum. In his remarks, the Vice Minister stressed that in order for Northeast Asian countries to overcome the “Asian Paradox,” the mismatch between growing economic interdependence and backward political and security cooperation, and build trust among them through a multilateral dialogue process, they should build a practice of dialogue and cooperation starting with such softer issues as energy security. He added that the forum will contribute greatly to this end.

3. Energy experts from Northeast Asian countries highlighted in their presentations the need for the countries in the region to work together to promote energy connectivity by setting up a gas trading hub; strengthening nuclear-energy cooperation mechanisms; diversifying energy sources; and increasing the use of renewable energy.

° The Foreign Ministry’s Director-General for Global Economic Affairs Yun Kang-hyeon underscored the need to beef up and bolster the existing cooperative mechanisms in Northeast Asia to enhance the safety of nuclear power plants in the region. He also spoke of the Foreign Ministry’s plan to start holding an open government-industry-academia symposium to this end from next year. He called on Northeast Asian countries to take interest and participate in this envisioned symposium.

4. The Foreign Ministry plans to hold the forum on a regular basis and thereby further advance it, the first in the field of energy security held as part of the Northeast Asia Peace and Cooperation Initiative.  The forum is expected to significantly contribute to paving the way for trust-building among Northeast Asian countries.

5. On October 14, Vice Minister Cho attended the World Energy Council Insight Roundtable and delivered remarks at its luncheon. In his remarks, he stressed that Daegu’s hosting of the World Energy Congress is clear evidence that Asia, including the Republic of Korea, has emerged as a key energy market. He also relayed the ROK’s willingness to work more closely with the World Energy Council to resolve global energy issues.

                 Spokesperson and Deputy Minister for Public Relations of MOFA

* unofficial translation